Smaller Related Party Transaction

RNS Number : 4743L

Motorpoint Group plc

06 September 2019

 

6 September 2019

Motorpoint Group Plc

("Motorpoint" or the "Company")

Smaller Related Party Transaction

Further to Motorpoint's Share Buyback Programme update announcement made on 5 September 2019, the Company confirms that it has agreed to participate in the sell-down of existing ordinary shares (the "Shares") in the Company by Shoby Investments Partnership (the "Seller", which is a partnership between David Shelton, a non-executive director of the Company, and his connected persons) (the "Placing").  The Seller is a related party of the Company.

Motorpoint has (via Numis Securities Limited) agreed to acquire 2,575,000 Shares in the Placing at a price of 200 pence per share, resulting in total consideration payable by the Company of £5,150,000 (the "Transaction").  The Shares to be acquired by the Company represent approximately 23 per cent. of the Shares to be sold by the Seller pursuant to the Placing.  It is anticipated that the Transaction will complete on 10 September 2019.

In carrying out the Transaction, the Company will remain within the parameters of the buyback authority approved by the Company's shareholders at the Company's AGM in July 2019.

The Transaction falls within Listing Rule 11.1.10R (smaller related party transactions) and this announcement is made in accordance with Listing Rule 11.1.10R(c).

For the purposes of the Market Abuse Regulation (EU) 596/2014 and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Manjit Virk, Company Secretary.

Enquiries:

Motorpoint Group PLC Mark Carpenter, Chief Executive Officer James Gilmour, Chief Financial Officer	via FTI Consulting
FTI Consulting (Financial PR) Jonathon Brill Alex Beagley James Styles	020 3727 1000

Notes to editors

Motorpoint is the largest independent vehicle retailer in the United Kingdom. The Company's principal business is the sale of nearly-new vehicles, the majority of which are up to two years old and which have covered less than 15,000 miles.  Motorpoint sells vehicles from brands representing over 95 per cent. of new vehicle sales in the United Kingdom, with models from Ford, Vauxhall, Volkswagen, Nissan, Hyundai, Audi and BMW being amongst the top sellers. The Group operates from 12 retail sites across the United Kingdom; Derby, Burnley, Glasgow, Newport, Peterborough, Chingford, Birmingham, Widnes, Birtley, Castleford, Oldbury and Sheffield, of which five have opened in the last five years; together with a national contact-centre dealing with online enquiries.

More information is available at www.motorpointplc.com and www.motorpoint.co.uk.

 

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